OneGram ICO - a close look

OneGram’s ICO promises a cryptocurrency backed by Gold, stored at Dubai International Airport. At first a fantastic idea, after a close look, a rather shady set-up. Today I’m going to have a closer look at who’s behind the ICO to try to determine the credibility of this project. I’m not going to pass judgement - this is just a collection of what I’ve found.

The OneGram team manages the OGC protocol. GoldGuard runs the vault for physical gold. The two teams work closely together to ensure that the entire solution is seamless, well supported. - source

OGC Token

PoS (Proof Of Stake)

Maximum supply of 12,400,786 OGC

ICO on 21. May (up to 120 days)

10% Premium to cover cost

Paid for with Gold purchased trough Goldguard (paid for by Bitcoin or Wire)

Nearly 50 percent of the offering has been committed, Mohammed said. Tabarak Investment Bank, one of the largest in Dubai, will sell 100 million euros to its clients, while a similar amount is expected to be taken up by seven high networth individuals in OneGram’s network. source

Goldguard

Gold Guard FZCO is launching next week, it is registered in Dubai, with a precious metals license to trade gold at the Dubai Airport Free Zone (DAFZ). We have agreements with ABX and Loomis. All the informations will be public, gold supply is audited by PwC and Bitpay did their due diligences on Gold Guard too. We provided all the right informations to all our partners including AML and KYC documents.

The first step to participate in the ICO is to register with GoldGuard and purchase gold. Then the gold can be redeemed for OGC via the same platform. There is a fee of 10% charged during the purchase; this fee is expected as by purchasing OGC, the investor is not only purchasing an asset that offers the spot value of gold but also the future value of additional gold to be purchased from transaction fees. - source

Each OGCs are backed by 1g of gold (based on the spot price of your purchase). We are buying gold with our partners ABX and Goldguard instantly. Goldguard exchange is also doing the integration of Bitpay, so you’ll be able to buy physical gold with bitcoins and redeem your OGC tokens. - source

Physical gold is purchased through ABX and physically delivered within 3 days through Loomis and stored with Loomis in Dubai. There are no gold certificates because this is not ETF’s this is physically owned goldABX will provide us supply connfirmation of how many grams of gold we have purchased and own.. This will tally up to financial records of payments made to ABX
which will be verified by PWC and the Shariah Advisory Audit. - source

The gold bullion will be stored in high security vaults in the Dubai Airport Free Zone (DAFZA) on behalf of the Client by GoldGuard.

OneGram is an intriguing project but not the only to offer crypto backed by gold. There’s been a lot of doubt about the authenticity so do your own research before you invest. I for one remain interested - let’s see what the future brings.

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